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		<title>McGladrey: Financial Institution Insights</title>
		<description><![CDATA[Financial Institution Insights  delivers news and information critical to community banking professionals. The quarterly newsletter tackles issues ranging from IT security to regulatory compliance to operational improvement.]]></description>
		<link>http://mcgladrey.com/</link>
		<lastBuildDate>Thu, 20 Jun 2013 03:59:00 +0000</lastBuildDate>
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			<title>Wire transfer fraud prevention shifting risk is not enough </title>
			<link>http://mcgladrey.com/Financial-Institutions-Insights/Wire-transfer-fraud-prevention-shifting-risk-is-not-enough</link>
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			<description><![CDATA[(May/June 2013) When banks and commercial customers clash over fault in cases of wire transfer fraud, the litigation historically goes against the bank. Customers argue the banks' systems and procedures failed, and that argument has traditionally won. A March decision in favor of a bank, however, could rebalance the roles and responsibilities of financial institutions and customers. The facts of the case show that banks can protect themselves and serve their customers better by explaining why certain processes are in place, not just what those processes are.]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Eight ways for your financial institution to boost performance now </title>
			<link>http://mcgladrey.com/Financial-Institutions-Insights/Eight-ways-for-your-financial-institution-to-boost-performance-now</link>
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			<description><![CDATA[(May/June 2013) Regardless of economic conditions or competitive position, every organization should always be seeking ways to improve. Given the intense competitive pressures they face, this is especially true for financial institutions. Following is a high-level overview of eight key areas where financial institutions can often make real and significant improvements to their operations.]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Improving the performance of anti money laundering tools </title>
			<link>http://mcgladrey.com/Financial-Institutions-Insights/Improving-the-performance-of-anti-money-laundering-tools</link>
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			<description><![CDATA[(March/April 2013) Staying in compliance with the anti-money laundering (AML) regulations* is an ongoing struggle for banks and credit unions. They must continually adapt and adjust their AML programs to meet the changing expectations of federal regulators. New customers and new product types also create challenges for the institution's AML detection and prevention system. If program controls are too relaxed and suspicious transactions are missed, the bank faces the twin consequences of regulatory penalties and reputational damage. Conversely, if program controls are too sensitive, there may be excessive and unnecessary flagging that lead to system inefficiencies and the need for manual intervention.]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Managing third party information security risk a cohesive approach</title>
			<link>http://mcgladrey.com/Financial-Institutions-Insights/Managing-third-party-information-security-risk-a-cohesive-approach</link>
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			<description><![CDATA[(March/April 2013) Newspapers, trade journals and online blogs feature a growing number of stories detailing instances in which organizations have entrusted their most sensitive information and data to a vendor or other business partner only to see that information compromised because the vendor failed to implement appropriate information security safeguards. Worse yet, those same organizations are frequently found to have performed little or no due diligence regarding their vendors, and have failed to adequately address information security in their vendor contracts, in many instances, leaving the organization without a meaningful remedy for the substantial harm they suffer as a result of the compromise. That harm can take a variety of forms: damage to business reputation, loss of business, potential liability to the breached data subjects, and regulatory and compliance issues. Recent studies by the Ponemon Institute have shown that, on average, a company will pay about $202.00 per record compromised, an average of $6.6 million if it experiences a security breach.1]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Keeping up with MERS</title>
			<link>http://mcgladrey.com/Financial-Institution-Insights/Keeping-up-with-MERS</link>
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			<description><![CDATA[(January/February 2013) Any bank or credit union that is a member of Mortgage Electronic Registration System, Inc. (MERS) should pay close attention to recent changes in its rules and compliance requirements.  Since 2011 MERs has launched a number of initiatives to clarify and strengthen its business practices and member rules. No doubt, these changes have been in response to the groundswell of court rulings and government consent decrees that have challenged its business model in recent years. The objective of the changes is to reduce the potential legal and compliance risks facing MERS and its members. Yet, as of early 2013, there’s no clear sign that these cases are abating or that the debate about MERS has been settled. So given the unresolved issues, MERS members should monitor events closely, and brace for the possibility of more refinements and changes to MERS compliance requirements.]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Assessing the risks of third party providers</title>
			<link>http://mcgladrey.com/Financial-Institution-Insights/Assessing-the-risks-of-third-party-providers</link>
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			<description><![CDATA[(January/February 2013) Outsourcing is an increasingly popular and cost-effective practice among financial institutions. Third party vendors offer short-term access to specialty services that would otherwise be cost-prohibitive if done internally. They range from noncritical personnel like rug installers, plumbers and editorial consultants, to highly critical providers like network support staff, data processers and website developers. There’s also been a clear trend toward offshore servicing of technology providers for reasons of cost. Offering a clear financial advantage, outsourcing has grown substantially in recent years, even for the most critical tasks upon which the financial institution’s operation depends.]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Summary of current accounting events impacting financial institutions</title>
			<link>http://mcgladrey.com/Bank-Notes/Summary-of-current-accounting-events-impacting-financial-institutions</link>
			<guid>http://mcgladrey.com/Bank-Notes/Summary-of-current-accounting-events-impacting-financial-institutions</guid>
			<description><![CDATA[(November/December 2012) As you approach year-end, it's a good time to review various accounting standards finalized over the last couple of years that may affect your 2012 reporting period. Additionally, there are a number of proposed standards and major projects underway that could significantly impact financial institutions. The following provides a summary of each.]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Network approach replaces tiered issues in IRS exams</title>
			<link>http://mcgladrey.com/Bank-Notes/Network-approach-replaces-tiered-issues-in-IRS-exams</link>
			<guid>http://mcgladrey.com/Bank-Notes/Network-approach-replaces-tiered-issues-in-IRS-exams</guid>
			<description><![CDATA[(November/December 2012) Since 2006, the IRS' Large Business and International (LB&I) division has been using a tiered issues approach to manage issues and examinations. The objective was to identify issues that carried the highest risk of noncompliance, especially those involving potentially abusive tax shelters, and address those issues consistently across industries and taxpayers. The practice involved separating examination issues into three tiers, and prioritizing them according to compliance risk, from Tier I (highest risk, with significant impact on more than one industry) to Tier II (risks involving emerging issues that need clarification) to Tier III (risks for a single industry).]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Scaling ERM to fit community banks</title>
			<link>http://mcgladrey.com/Bank-Notes/Scaling-ERM-to-fit-community-banks</link>
			<guid>http://mcgladrey.com/Bank-Notes/Scaling-ERM-to-fit-community-banks</guid>
			<description><![CDATA[(November/December 2012) Enterprise risk management (ERM) has become a hot topic in the banking industry, fueled in part by lessons learned from the recent economic crisis and the increased regulatory scrutiny that followed. Large banks have been required to develop comprehensive ERM programs. Will community banks that are not likely to be subject to the same rules or have the resources of their larger counterparts be expected to do the same?]]></description>
		<dc:creator>McGladrey</dc:creator>
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			<title>Payment Card Industry security standards A primer for community banks</title>
			<link>http://mcgladrey.com/Bank-Notes/Payment-Card-Industry-security-standards-A-primer-for-community-banks</link>
			<guid>http://mcgladrey.com/Bank-Notes/Payment-Card-Industry-security-standards-A-primer-for-community-banks</guid>
			<description><![CDATA[(September/October 2012) Community banks often have difficulty understanding if they must comply with Payment Card Industry (PCI) security standards. Some may assume that PCI applies only to merchants and service providers. Banks that outsource credit and debit card processing also may be uncertain as to compliance requirements. Questions may further arise if the bank does not issue credit or debit cards at all.
Even if a community bank knows it must comply, understanding which guidelines are applicable to its institution can be challenging. Yet noncompliance could result in significant financial penalties and reputational damage to the community bank. Customer accounts could also be compromised.
To clarify this issue, this article will examine how PCI standards affect community banks, under what circumstances, and which standards should be followed in certain situations.
A short history lesson 
To understand the purpose and scope of PCI standards, consider how the standard came to be.  First of all, protection for card holder data has long been a hot topic in the financial services industry. The issue was highlighted by the 1999 passage of the Gramm–Leach–Bliley Act, which (among other things) stipulated that financial institutions must have a policy in place to protect information from security threats.
In the end, however, the PCI standard was developed not as a law or regulation, but as a private initiative by the payment card industry. The PCI Security Standards Council was launched in 2006 by the five global payment brands, Visa, Inc., MasterCard Worldwide, American Express, Discover...]]></description>
		<dc:creator>McGladrey</dc:creator>
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